By Kevin McCauley
WPP chief Martin Sorrell today reported a 15.8 percent rise in earnings (EBITDA) to $2.3B on a 7.4 percent revenue rise to $15.1B as the U.S. "behaved more like a fast-growing" or "emerging market."
Part of the U.S. comeback was due to a "dead-cat bounce" as the ad market rebounded from the worst recession since the mid-1970s.
Sorrell also tipped his hat to the economic stimulus package and the Citizens United Supreme Court decision that unleashed a wave of political advertising from corporations and independent groups for reviving the communications business.
Sorrell said the strong 2010 finish carried into 2011, projecting a five percent growth for the year. He expressed concern over the turmoil in Tunisia, Egypt, Bahrain, Libya and “implications for other countries such as Jordan or Saudi Arabia. The Middle East accounts for 1.7 percent of WPP’s revenues.
On the PR front, Sorrell reported strong performances at Burson-Marsteller, Dewey Square, BWR, Robinson Lerer & Montgomery and Public Strategies.
PR and public affairs rose 6.1% for the full year 2010 to about $1.38B.
There were 146,000 WPPers at yearend.
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